Octopus Energy Partners with Nexta for 1.1 GW Renewables in Italy

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UK-based  wind and solar farms builder Octopus Energy Generation has said that it will enter Italy’s green power market by investing in renewable energy developer Nexta. Octopus held that the move will help the country wean itself off gas and lower future energy bills.

As per the official statement, Octopus Energy Development Partnership (OEDP) is creating a joint venture with Nexta Capital Partners, a Milan-based renewables developer.

The companies look to create 1.1GW of new onshore wind, solar farms and energy storage in the south of Italy by 2025. Octopus said that energy generated can power 1.2 million homes, avoiding 950,000 tonnes of carbon dioxide a year.

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OEPD is €220 million fund body launched recently to build green power. It is managed by Octopus Energy Generation, Octopus Energy Group’s generation arm.

OEDP will fund Nexta that will secure land, grid connections, planning permission and local community engagement to get renewable projects to the ready-to-build stage.

Italy wants to reduce its dependence on Russia for fossil fuels by building more renewables. In the past year, regulations have been passed to unblock bottlenecks in permitting renewable projects and speed up green energy deployment in Italy.

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Zoisa North-Bond, CEO, Octopus Energy Generation, said, “Onshore wind and solar are some of the cheapest forms of energy – and Italy can generate it right on their soil. To avoid a repeat of the energy crisis, it’s essential we turbocharge the creation of new renewable energy and shift to a low carbon energy system.”

Fabrizio Caputo, co-founder and Managing Director, Nexta, added, “The partnership with Octopus represents a further step towards the consolidation of our growth objectives within the renewable energy industry.”

The Company in Italy

Octopus Energy Generation claims to be one of Europe’s largest renewables investors, managing green energy assets worth £4.4 billion.

In 2017, it had invested to build 173 MW of solar farms in Lazio and Sardinia. It also pioneered investing in unsubsidised renewable energy projects for the first time in Europe.

Octopus Energy Italy launched its energy supplier brand in Italy in June 2022 after acquiring SATO Luce e Gas in November 2021, and offers consumers 100% green energy tariffs.